Shiba Inu’s 18% Monthly Surge Hints at Possible Double-Bottom Reversal Rally

Shiba Inu Surges 18% This Month, Eyeing Double-Bottom Bullish Breakout

Shiba Inu (SHIB) has climbed 18% so far this month, notching its strongest monthly performance since November, as renewed risk appetite sweeps through the crypto markets.

The meme-inspired token’s rally appears to be laying the groundwork for a potential double bottom pattern—a bullish technical formation often signaling trend reversals.

SHIB’s gains have been driven by heightened trading activity and a significant uptick in token burns, which have permanently removed notable supply from circulation, according to analysis from CoinDesk’s AI research team.

Key AI Insights

SHIB spiked 7% over the prior 24-hour stretch from July 10, 12:00 to July 11, 11:00, jumping from $0.000012476 to $0.000013399 on substantial volume of 1.904 trillion tokens.
A swift reversal occurred in the final hour of trading on July 11, with SHIB dipping 1% to settle around $0.000013385 as liquidation pressures emerged.
Token burn activity intensified, with over 9.5 million SHIB tokens permanently removed from circulation in the past 24 hours, although the price impact has remained muted so far.

Technical Levels

A key resistance breakout was recorded at $0.000013110, confirmed by trading volumes roughly double the 24-hour average.
SHIB has established a support zone near $0.000013230, while facing resistance around $0.000013580.
Continued momentum could see prices test the psychological barrier at $0.000014000.

Double-Bottom Reversal in Play?

SHIB’s double-digit monthly rally follows a solid defense of its April low at approximately $0.00001005, suggesting a potential double bottom pattern on the daily chart.

This pattern features two nearly equal troughs separated by a bounce. A breakout above the trendline connecting the high point of the intervening rally signals confirmation of the bullish reversal.

For SHIB, the key double bottom resistance lies at the May high of $0.00001764. A decisive move beyond that level could pave the way for a significant upward run.